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For the 4th time in a row, Agribank has reduced lending interest rates to support customers


Continuing to work with the entire banking sector in implementing the Government's guidelines and directions on the implementation of solutions and policies to remove difficulties for businesses and people, ensuring social security in response to the Covid-19 pandemic, Agribank has just decided to further reduce the lending interest rate by 0.3%.

Accordingly, from October 1, 2020, Agribank reduced lending interest rates for five priority areas in accordance with the decision in Circular 39/2016/TT-NHNN of the State Bank of Vietnam, specifically: maximum short-term loan interest rate of 4.5% per year; medium and long-term loan interest rates of at least 7.5% per year.

The 4th consecutive reduction of lending interest rates since the beginning of 2020 continues to demonstrate Agribank's determination in pioneering and seriously implementing the instructions of the Government and the State Bank of Vietnam on managing interest rates, implementing preferential policies, supporting customers and enterprises, to soon remove difficulties, stabilize production and business, recover the economy after the Covid-19 pandemic, actively contribute to improving the credit growth rate so that bank credit continues to promote its role of promoting and creating the driving force for the country's economic growth, especially in the last months of 2020.

Along with the implementation of reducing lending interest rates for borrowers in five priority areas in accordance with the decision in Circular 39/2016/TT-NHNN of the State Bank of Vietnam, from now until the end of June 30, 2021, Agribank shall deploy preferential credit packages to support FDI enterprises, small and medium-sized enterprises (SME) customers with a total amount of up to VND 35,000 billion.

To date, the outstanding balance affected by Covid-19 at Agribank is VND 177,962 billion, of which Agribank implemented debt restructuring, interest and fee exemption and reduction in accordance with Circular 01 of VND 52,263 billion with 17,268 customers. In addition, Agribank made new loans to nearly 22,000 customers affected by Covid-19 with turnover of more than VND 75,000 billion, of which new loans under preferential interest rate program of VND 40,700 billion. Agribank has reduced interest rates for more than 17,000 affected customers with outstanding loans with reduced interest rates of more than VND 30,000 billion.

Also during this period, implementing the policy of reducing the policy interest rate of the State Bank of Vietnam, Agribank has also adjusted the deposit interest rates for a number of terms to be suitable with the common interest rate level in the market.


Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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